Borehole Geophysical Surveys Indicate Extensions Of Deep Nickel-Copper-PGM Sulfide Zones At Ferguson Lake Project

TORONTO - Canadian North Resources Inc. reported on processing of Borehole Time-Domain Electromagnetic (BHTEM) surveys from deep West Zone drillholes FL22-481A and FL23-481B completed at the Ferguson Lake Project in Nunavut, Canada. “The combination of the drilling and geophysical survey results confirms the continuing high grade prospectivity of the West Zone down-dip for over 200 metres at depths of 650 to >850 metres,” said Kaihui Yang, President and CEO. “Further geophysical modelling is ongoing to define precisely new drill targets for follow up in 2024.”

As previously announced, the two geophysical surveyed drill holes, which were drilled from the same site during the 2022 and 2023 exploration programs, intersected excellent widths of high-grade Cu-Ni-Co-Pd-Pt massive sulphide plus additional down-hole widths of footwall low sulphide PGE type mineralized sections.

Spatial interpretation of the drilling results found that FL22-481A intersected the zone approximately 80 to 100 metres down-dip from historic intersections of the West Zone horizon and FL22-481B intersected 100 to 140 metres further down dip from the FL22-481A pierce points through the mineralization. In general, this extends the West Zone at this locality for greater than 200 metres further down-dip. BHTEM surveys were completed on both these holes during the late summer of 2023 while the drilling program was operational. The surveys were especially configured to focus on the measurement of lateral and down-dip electromagnetic anomalies minimizing signal interference from the known up-dip main mineralized horizon. Processed results indicated multiple significant electromagnetic conductors in the holes. Based upon initial interpretations, highly conductive electromagnetic responses were found associated with the first two sulphidic intersections for both holes which were found to decay to off-hole anomalies at late time-domains generating vectors to multiple centres of greater conductivity off-hole.